According to the IMF's latest World Economic Outlook, the economy is forecast to grow 5.7% in 2023-24, down from the previous forecast of 6% in October.
The IMF said the economy will grow 5.7% in 2023-24, lower than the 6% forecast in October. The initial GDP forecast was 6.5%. The IMF said in its forecast that GDP growth will rebound to 6.6% in 2024-25. The IMF forecasts that the world economy will grow by 3.2% this year, an increase of 0.1 percentage point compared to the previous forecast.
Initially, the GDP forecast was at 6.5%.
Despite this downward revision, the IMF predicts GDP growth will recover to 6.6% in 2024-25. However, the IMF's revision for the current financial year comes against the backdrop of an improved global economic outlook for 2024, despite maintaining a weak medium-term forecast.
Globally, the IMF expects growth of 3.2% this year, slightly higher than the previous January forecast, with similar growth expected for 2025.
Meanwhile, recent data from the state-run Bangladesh Bureau of Statistics showed economic growth slowing significantly, with growth halving to 3.78% in the quarter from October. to December FY 2024. The decline is attributed to a sharp decline in manufacturing output growth due to weak domestic consumption.
In response to these challenges, the government revised its growth forecast to 6.75% earlier this month, down from the initial target of 7.5% set at the start of the fiscal year in July. .
Additionally, the World Bank forecasts Bangladesh's real GDP growth will remain relatively slow at 5.6% in FY24, compared to the pre-pandemic average of 6.6%.
Among South Asian countries, the IMF forecasts varying GDP growth rates, with India leading at 6.8%, followed by Pakistan 2%, Maldives 5.2%, Bhutan 4.3% and Nepal 3.1%.
Fiber2 Fashion News Desk (DR)
